CHICAGO BUSINESS JOURNAL: For nearly six years now, former Allstate Insurance executive Melissa Conyears-Ervin, one of the Chicago Business Journal’s 2025 People to Watch, has been Chicago City Treasurer, leading an office that oversees nearly $14 billion in trading volume.
The duties of the Treasurer’s Office include maintaining all records and accounts associated with the city’s operating funds, as well as the escrow accounts held with various trustee banks. It also manages the city’s investment portfolio and conducts educational programs, provides counseling and shares information regarding financial education, along with providing small business support.
Additionally, the Treasurer’s Office serves as the banker, investor and custodian of public funds for the city of Chicago and the four Chicago employee pension funds.
Conyears-Ervin, 49, a mother of an 8-year-old daughter, is married to Jason Ervin, alderman of the 28th Ward and chairman of the City Council’s Budget Committee. After earning a bachelor’s in business from Eastern Illinois University, she earned an MBA from Roosevelt University in Chicago.
“I was born in the Englewood neighborhood on the South Side and raised on the West Side in Austin by a single mother, and every day I work to keep taxpayers informed about what investments fall under my office,” she said.
Conyears-Ervin spoke with the Chicago Business Journal about her 2025 plans, which include driving economic growth, doing business with more local brokerage firms and dealing with the city’s $37 billion pension debt.
I can say that because of the work that I do with our partners, it has helped fulfill our mission of financial stability. Those partners include banks and brokerage firms, who help us with investments in bonds, money markets, and mortgage- and asset-backed securities.
Most investments are in bonds, and 60% of our trading is with minority-owned firms like Loop Capital Markets. Our investment portfolio has expanded tremendously since I was elected in 2019. At that time, it was a little more than $9 billion in trading volume. The amount changes by the day because in 2023 it hit $14 billion and today has dipped to $13 billion-plus.
Are you concerned about all four city pension funds being underfunded?
The can has been kicked down the road for so long in the past and pension payments were not made. We are so far behind in funding our pensions because of prior administrations that it is going to take more than making minimum payments (set by state legislation) to get caught up.
This is a very serious issue and if things should worsen, we could find ourselves liquidating assets to pay benefits to city retires.
How does the Treasurer’s Office support community development and economic growth?
We support community development and economic growth through several programs. The Building Wealth Today for Tomorrow Summit is our signature program because everything we do is about building generational wealth for residents, entrepreneurs and small business owners.
Then there’s our Money Matters Institute, which is a free comprehensive and convenient money management and financial wellness program. It allows attendees to engage with leading experts in the fields of business and finance.
Where do you see yourself professionally 10 years from now?
I spent my time in corporate America, and while it pays well and while I could make so much more money than I am making now, I wasn’t being fulfilled working in corporate America.
I love being able to change lives, and I want to help others to have the opportunity to work wherever they desire and to do what they want in life whether it’s being an entrepreneur, owning their own company or even working in corporate America.
Read the whole article here: Chicago City Treasurer outlines priorities for 2025 and beyond – Chicago Business Journal
Article by Wendell Hutson – Staff Reporter, Chicago Business Journal
Photo courtesy of Chicago Business Journal